G'day all
US-POG up $10-OZ -on the back of the US- NFP-(Non Farm Payrolls )-Should see
goldies rebound Monday.
This Sunday
Keep half an ear out for the resulting outcome of Italy's constitutional referendum
held in Italy on Sunday 4 December 2016 - the outcome could well cause
volatility in world financial institutions & the Price of Gold.
(see below)
How vulnerable are Italy's banks?
Very. Officials and senior bankers according to various media reports anticipate that up
to eight of Italy's troubled lenders are at risk of failure should Renzi lose the
upcoming referendum.
Megan Greene, chief economist at Manulife Asset Management, believed that the
referendum in Italy could provoke another banking crisis in Europe.
"In my view the biggest risk is actually for the banking sector, even more so than political risk,
and there will be some political instability," Greene told CNBC on Tuesday.
The third-largest euro zone economy had been weakened by a deep recession which left
behind 356 billion euros ($377 billion) in gross problem loans and Italian banks
need at least 20 billion euros in capital in the coming months to cover losses
from fresh loan write-downs and planned bad debt disposals, according to a Reuters report.
A "no" vote could conceivably cause financial instability and possibly even panic
among investors which would therefore be significantly detrimental to Italy's banking sector.
salt
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